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Erdogan - 2 Hafize Gaye Erkan - 2 Daren Butler - 2 Jonathan Spicer - 2 Tayyip Erdogan's - 1 Erdogan's - 1 Erkan - 1 Mehmet Simsek - 1
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Search resuls for: "Nevzat Devranoglu Orhan Coskun"


3 mentions found


☆ Turkey inflation: Erdogan's policy U-turn tests patience
  + stars: | 2023-08-10 | by ( Nevzat Devranoglu Orhan Coskun | Nevzat Devranoglu | Orhan Coskun | ) www.reuters.com   time to read: +4 min
The sustained inflationary pressure, driven by a lira drop and tax hikes, comes as President Tayyip Erdogan's new finance minister and central bank chief orchestrate a policy U-turn including interest rate hikes that are expected to slow domestic demand. But in the meantime the U-turn has hammered the currency and left authorities asking already-stretched households for patience. In July, consumer prices soared nearly 10% sequentially due to tax hikes and a lira crash. This month, forecasts by five economists show them rising between 5.5% and 8.5%, with fallout from mid-July tax hikes lagging into August. After years of divergence with market expectations, the central bank matched those last month when it raised its end-2023 annual inflation forecast to 58.0% from a previous 22.3%.
Persons: Erdogan, Tayyip Erdogan's, Hafize Gaye Erkan, Erdogan's, Erkan, Mehmet Simsek, Moody's, Daren Butler, Jonathan Spicer, Toby Chopra Organizations: Turkish Statistical Institute, Thomson Locations: Erdogan ANKARA, Istanbul, Turkey's
☆ Turkey net FX reserves seen rising again as policy U-turn continues
  + stars: | 2023-08-09 | by ( Nevzat Devranoglu Orhan Coskun | Nevzat Devranoglu | Orhan Coskun | ) www.reuters.com   time to read: +3 min
A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. According to calculations by five bankers, obtained by Reuters, net reserves rose $4.9 billion to $15.8 billion last week, while total reserves climbed to $115.6 billion. The recent uptrend in reserves reversed in the week to July 28, with net forex falling $2.8 billion to $10.89 billion. The central bank continues to get foreign exchange from tourism and a scheme to protect lira bank deposits from depreciation known as KKM. The bank has paid an estimated 300 billion lira ($11 billion) to cover depreciation costs under the scheme in June and July, with the cost in August estimated at 350 billion lira.
Persons: Cagla, Tayyip Erdogan, Erdogan, Hafize Gaye Erkan, Nevzat Devranoglu, Orhan Coskun, Daren Butler, Jonathan Spicer, John Stonestreet Organizations: Turkey's Central, REUTERS, Reuters, Bankers, Thomson Locations: Ankara, Turkey, ANKARA
☆ Exclusive: Turkey defers $600 million Russian energy payment under deal -sources
  + stars: | 2023-05-10 | by ( Nevzat Devranoglu Orhan Coskun | Nevzat Devranoglu | Orhan Coskun | ) www.reuters.com   time to read: +3 min
Under the terms of the agreement, up to $4 billion in Turkish energy payments to Russia may be postponed until next year, both sources told Reuters under condition of anonymity. Turkey, which is preparing for elections on Sunday, depends heavily on energy imports and Russia is its largest supplier. The source said Turkey could push back further such payments in the coming months depending on the course of energy prices. The Russian and Turkish energy ministries, and their respective energy companies Gazprom and Botas, have not responded to requests for comment on the issue. Turkish Energy Minister Fatih Donmez said last week that Turkey and Moscow agreed a deal allowing Ankara to defer energy payments up to a certain amount, but did not give details.
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